The price of Dogecoin (Doge) seemed to be recovering impulse this week, since whales of whales recorded a significant accumulation phase. In addition, technical formations hinted a potentially explosive break.
During the past week, the main wallets added more than 100 million Doge. The analysts pointed to an elongated cup pattern that could raise the price of the token up to $ 5 in the long term.
The accumulation of whales is reinforced
Large -scale Dogecoin transactions resumed with intensity this week. According to the data of the chain shared by the analyst Ali Martínez, the portfolios with between 10 and 100 million Doge acquired 100 million tokens in the last seven days. This activity followed a period of lower tickets in April.
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The increase in whale holdings suggested growing confidence among large investors. Similar accumulation patterns in 2021 preceded explosive rebounds, which promoted Doge’s price above $ 0.70.
At the time of accumulation, the price of Dogecoin was around $ 0.14, with a growing volume in the main bags.
It is important to note that newly accumulated tokens have not returned to exchanges. Instead, these cryptocurrencies went to long -term portfolios, according to the data.
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In fact, it reduces the commercial offer available. This trend favors bullish configurations because it limits volatility down and increases the possibility of a strangulation of the offer.
Cup formation reveals a long -term bullish structure
Cryptoelites presented a technical analysis in a post X, highlighting a several -year cup pattern in the weekly Dogecoin graphic.
The formation included a wide rounded background and a neck resistance about 0.225 $. He previously acted as a resistance and support zone.
This structure is aligned with the historical patterns of Dogecoin, where prolonged consolidation phases precede the large upward movements.
$ 0.75, $ 1.50 and $ 2.70 are the planned rupture objectives of the training. A complete extension, supported by the macro impulse of the market, could reach up to $ 5.
Moreover, Cryptoelites stressed that the price of Dogecoin has probably completed its background.
The support indicators, such as the growing volume and the ascending mobile socks, confirmed the validity of the pattern. The price of the doge must be kept above the neck line to confirm the bullish continuation.
Analyst Andrew Griffiths, writing for Whalehunt, offered a short -term Dogecoin price prediction of 0.225 $. Griffiths re -entered the price of Doge at 0.14 $, after having taken benefits previously near the local maximums. Its analysis showed a 25% rupture zone with potential for a gain of 40% if the pattern is confirmed.
He pointed out that Dogecoin has formed a rounded base between 0.14 and $ 0.19. The price action resembles the early stages of the largest weekly cup pattern.
If the price of the Doge remains above $ 0.14, a movement towards $ 0.225 is increasingly probable in the short term.
Volume trends support this configuration. The price has experienced accumulation phases both in the 4 -hour graphs and in the newspapers, while the volume levels have constantly increased.
However, analyst Griffiths warned that prices below $ 0.12 can cause a break in the current configuration. That could expand the necessary time for a possible break.
The feeling of the price of Dogecoin and the data of the chain reflect a growing confidence
The feeling of the community around Dogecoin is increasingly optimistic. Dogecoin mentions on social platforms are increasing.
Commitment metrics also reflect the return of retail interest. The open interest in Doge’s futures also increased 8% this week, which suggests a stronger speculative positioning.
Chain data reveals a growing currency exit. This trend indicates that the holders are transferring Doge to the refrigeration chamber. Reduces immediate sales pressure and improves preparation for new profits. The decrease in supply in the bags supports accumulation theories.
Financing rates on the main negotiation platforms continue to show positive values. In addition, positive financing rates reveal that long position operators exceed number of short positions. The current market prospects seem up due to the improvement of the volume combined with whale activity.
If the Dogecoin price remains above $ 0.20 and exceeds $ 0.225, it would accelerate its path to $ 0.75 and $ 1.50.
